PNB Gilts Limited (PNBGILTS) AI Stock Analysis

• Market Cap: ₹17.78B
• Dividend Yield: 0.99%
• Average Volume (3M): 60.60K
• Price to Earnings (P/E): 5.2
• Beta (1Y): 1.48
• Revenue Growth: 14.31%
• EPS Growth: 422.73%
• Country: IN
• Employees: 52
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 8.89
• Shares Outstanding: 180,010,130
• 10 Day Avg. Volume: 41,750
• 30 Day Avg. Volume: 60,597
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹107.00
• Price Target Upside: 5.57% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 61 Neutral
• Price Target: ₹107.00 ▲(5.57% Upside)

PNB Gilts Limited's stock score is primarily influenced by its strong valuation, with a low P/E ratio suggesting potential undervaluation. However, financial performance concerns, including high leverage and negative cash flows, weigh down the score. Technical indicators are neutral, providing no strong directional bias.

Positive Factors

Operational Efficiency

High gross profit margins reflect strong operational efficiency, allowing the company to maintain profitability despite revenue fluctuations.

Market Position

Being a leader in government securities trading in India positions the company well to capitalize on market opportunities and maintain a competitive edge.

Revenue Model

Strong relationships with key financial entities support a robust revenue model, ensuring steady income from brokerage and advisory services.

Negative Factors

High Leverage

Significant leverage poses financial risks, potentially limiting the company's ability to invest in growth opportunities and manage economic downturns.

Negative Cash Flows

Negative cash flows indicate inefficiencies in cash management, which could affect the company's ability to fund operations and invest in future growth.

Inconsistent Revenue Growth

Inconsistent revenue growth can undermine long-term financial stability and investor confidence, impacting future strategic planning and investment.

PNB Gilts Limited Business Overview & Revenue Model

Company Description

PNB Gilts Limited (PNBGILTS) is a leading financial services company based in India, primarily engaged in the business of government securities and debt instruments. As a subsidiary of Punjab National Bank, PNBGILTS operates in the capital markets sector, specializing in the trading, broking, and management of government bonds, treasury bills, and other fixed-income securities. The company provides a range of services including primary and secondary market trading, investment advisory, and portfolio management, catering to institutional investors and high-net-worth individuals.

How the Company Makes Money

PNB Gilts Limited generates revenue primarily through brokerage fees and commissions earned from trading activities in government securities and debt instruments. The company also earns income from interest on its own investments in fixed-income securities. Additionally, PNBGILTS may receive management fees from clients for advisory and portfolio management services. Its revenue model is supported by its strong relationships with institutional investors, banks, and other financial entities, enabling it to capture a significant share of the market for government securities in India. Factors contributing to its earnings include the volume of trading activities, interest rate fluctuations, and the overall demand for government bonds.

PNB Gilts Limited Financial Statement Overview

Summary

PNB Gilts Limited shows strong operational efficiency with high gross and EBIT margins. However, challenges with revenue growth, cash flow management, and high leverage pose financial risks. Recent improvements in ROE are positive, but cash flow issues need addressing.

Income Statement

PNB Gilts Limited shows strong gross profit margins consistently above 97%, indicating efficient cost management. However, the net profit margin has been volatile, with a significant drop in 2023 due to a net loss. Revenue growth has been inconsistent, with a decline in 2025. The EBIT and EBITDA margins are robust, reflecting operational efficiency, but the recent revenue decline is a concern.

Balance Sheet

The company has a high debt-to-equity ratio, peaking at over 16 in 2024, indicating significant leverage and potential financial risk. Return on equity has fluctuated, with a negative ROE in 2023, but improved to 15% in 2025. The equity ratio remains low, suggesting reliance on debt financing.

Cash Flow

PNB Gilts Limited faces challenges with negative operating and free cash flows over the years, indicating cash management issues. The free cash flow to net income ratio is consistently around 1, but the operating cash flow to net income ratio is negative, highlighting cash flow inefficiencies.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.76B	16.76B	9.27B	15.77B	8.44B	10.64B
Gross Profit	9.89B	16.39B	8.98B	15.41B	8.21B	10.44B
EBITDA	9.65B	3.12B	8.81B	15.31B	7.23B	10.11B
Net Income	2.33B	2.33B	-772.22M	694.11M	1.66B	4.54B
Balance Sheet
Total Assets	247.03B	247.03B	214.97B	245.40B	167.50B	121.40B
Cash, Cash Equivalents and Short-Term Investments	2.64B	2.64B	3.18B	3.00B	133.94B	110.69B
Total Debt	223.84B	223.84B	192.43B	224.03B	145.33B	98.64B
Total Liabilities	231.57B	231.57B	202.37B	232.10B	153.23B	108.23B
Stockholders Equity	15.45B	15.45B	12.60B	13.30B	14.27B	13.16B
Cash Flow
Free Cash Flow	0.00	-1.98B	-46.53B	-28.77B	-45.64B	24.81B
Operating Cash Flow	0.00	-1.97B	-46.38B	-28.75B	-45.64B	24.83B
Investing Cash Flow	0.00	-9.75M	-144.23M	-10.47M	-6.31M	-12.09M
Financing Cash Flow	0.00	-378.88M	46.18B	31.59B	46.13B	-24.81B

PNB Gilts Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 101.35
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PNBGILTS, the sentiment is Negative. The current price of 101.35 is above the 20-day moving average (MA) of 100.35, above the 50-day MA of 100.88, and above the 200-day MA of 98.03, indicating a neutral trend. The MACD of -0.90 indicates Negative momentum. The RSI at 46.73 is Neutral, neither overbought nor oversold. The STOCH value of 51.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PNBGILTS.

PNB Gilts Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TFCILTD	73 Outperform	₹33.41B	30.66		0.82%	7.91%	16.21%
SMCGLOBAL	71 Outperform	₹14.33B	11.71		1.75%	-1.20%	-41.78%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PNBGILTS	61 Neutral	₹17.78B	5.23		0.99%	14.31%	422.73%
ARMANFIN	57 Neutral	₹15.01B	242.08		―	0.02%	-96.51%
BFINVEST	―	₹17.56B	22.48		―	―	―
MASTERTR	―	₹16.42B	13.28		―	―	―

PNB Gilts Limited Corporate Events

PNB Gilts Launches ‘Saksham Niveshak’ Campaign to Engage Shareholders

PNB Gilts Limited has launched a 100-day campaign named ‘Saksham Niveshak’ to encourage shareholders to claim unpaid dividends and update their KYC details. This initiative aims to prevent the transfer of unclaimed dividends to the Investor Education and Protection Fund, thereby promoting transparency and empowering investors by facilitating direct claims processing.

PNB Gilts Announces Trading Window Closure Ahead of Financial Results

PNB Gilts Limited has announced the closure of its trading window from July 1, 2025, until 48 hours after the announcement of its financial results for the quarter ending June 30, 2025. This measure is in line with the company’s Code of Conduct for Prevention of Insider Trading, ensuring compliance and maintaining market integrity. The closure impacts insiders and designated persons, who are advised against trading the company’s shares during this period.